Rules of Engagement
Mean reversion - ie. Price will climb retrace to 50% of the last swing on the daily once support/resistance is proven. Expect this pair to be mixed and volatile.
Latest
Price did not make a higher high at 1.32687- if this level had have been taken out the trade would have been triggered for a long position.
Bespoke resistance is located at 1.3250.
Original Analysis
Support - levels around the psychological level of 1.30000,
This area has offered previous support and role reversal during Feb & March.
127% extension of last fib is at 1.29930.
Resistance- targeting levels of 1.33220 (38.2% retracement of the last leg down.
1.33631-from Mid April to June. (50%) mean reversion level of the bullish move up from March to mid April.
We watch for price action to take out a previous swing high on the lower time frames to trigger our trade entry- sequence for trading is higher highs and lows.
Resistance and target is 1.3360- 50% of the bullish move from March to mid April & 1.3360 the 38.2% of the bear leg
Trade plan will be updated once alarm is triggered and a daily candle doji or order flow forms off this level to confirm bullish sentiment.
Mean reversion - ie. Price will climb retrace to 50% of the last swing on the daily once support/resistance is proven. Expect this pair to be mixed and volatile.
Latest
Price did not make a higher high at 1.32687- if this level had have been taken out the trade would have been triggered for a long position.
Bespoke resistance is located at 1.3250.
Original Analysis
Support - levels around the psychological level of 1.30000,
This area has offered previous support and role reversal during Feb & March.
127% extension of last fib is at 1.29930.
Resistance- targeting levels of 1.33220 (38.2% retracement of the last leg down.
1.33631-from Mid April to June. (50%) mean reversion level of the bullish move up from March to mid April.
We watch for price action to take out a previous swing high on the lower time frames to trigger our trade entry- sequence for trading is higher highs and lows.
Resistance and target is 1.3360- 50% of the bullish move from March to mid April & 1.3360 the 38.2% of the bear leg
Trade plan will be updated once alarm is triggered and a daily candle doji or order flow forms off this level to confirm bullish sentiment.